Is it Compulsory for every Co-Op. Housing Society to get their accounts audited every year and present in Annual General Meeting for adoption by members ?
Can a society present its unaudited annual accounts to members for adoption ?
Please reply.
Sandeep
Compulsory. You have to get the accounts audited. In some states you have to get it audited by those who are empanneled by the Registrar of Cooperatives. ICAI members have to empanel themselves every year to audit the cooperatives.
Audited Balance Sheet has to be presented and auditor reappointed at every AGM.
Thank u every one.......................
Prior year Accounts of a Society has not been adopted.
Can the society adopt the current year audited accounts with a qualification in the Audit Report that Prior year Accounts are unaudited.
I am presenting the Auditing Standards accordingly. It says Auditors can Audit. What about Society can they adopt.
14. If the prior period financial statements were not audited, the auditor shall state in an Other Matter paragraph in the auditor’s report that the corresponding figures
are unaudited. Such a statement does not, however, relieve the auditor of the
requirement to obtain sufficient appropriate audit evidence that the opening
balances do not contain misstatements that materially affect the current period’s
financial statements.
Need a urgent Response.
Thanks and Regards
Ramakrishnan Subramanian
CAclubindia
